Town's accounts for the year to June 2022 show total loss of £12.6 million in the year to June 30th 2022, the first season following the Gamechanger 20 Ltd.
The loss, which had been wholly expected as the new owners invested in the club both on and off the field, was up on £6.4 million in the previous year, which covered the Covid-hit 2021/22 campaign.
The club made an operating loss of £14.4 million compared with £7.7 in the previous year.
Turnover was up from £8.1 million in 2020/21 to £14.4 million, other operating income was £0.1 million compared with £4.1 million a year previously and operating expenses £28.9 million, up from £19.8 million in the previous year.
A third of that £9.1 million increase relates to wages and the rest is operating expenses, the cost of the ongoing rejuvenation of the club.
The accounts show a relatively low net transfer spend during the year. Proceeds from disposal of intangibles, transfer sales, Flynn Downes to Swansea, Andre Dozzell to QPR, Scott Fraser to Charlton and compensation from Norwich for Liam Gibbs, was £2.6 million against purchases of £3.4 million for the players brought in, Cameron Burgess, Conor Chaplin, George Edmundson, Vaclav Hladky, Rekeem Harper and Christian Walton.
Those figures refer to the cash received or paid out rather than the whole fees with transfer payments made in tranches over a number of years.
The overall wage bill was up from £13.9 million in the year to 2021 to £16.4 million
Season ticket sales were 12,870 with no real comparison to the previous season due to the Covid situation. During 2022/23, season ticket sales are just under 18,000 with other revenue similarly set to increase on the year to June 2022.
During the year the club issued £14.25 million in additional shares. In League One, injections of cash have to be made through equity, so the club issues more shares whenever additional cash needs to come in from the owners.
Town have also simplified the group structure which was set-up at the time of the building of the stands in the early 2000s when a Stadium company, a Finance company and a Property company were instituted to manage the paying the bond which was securitised on the developments.
"Effectively, all the trade and assets of those three companies have been moved into Ipswich Town Football Club with those companies dormant going forward.
As a result of the new shares, the PLC, the shareholding in the club prior to Marcus Evans’s takeover, now owns less than five per cent of Town, its stake having been 12.5 per cent.
The accounts show that since June 2022, £17.9 million has gone into the club sand there have been £5.97 million worth of acquisitions, although that figure includes contingencies such as appearances milestones.
The club has no external debt aside from £397,000 in loan notes taken out following the Blues’ spell in administration 20 years ago.
Internal debt is limited to legacy preference shares from the Marcus Evans era which have been taken on by Gamechanger.